Coppermoly Non-Executive Director Increases Stake On Market

Coppermoly (ASX: COY) non-executive director Ben Faulkner has increased his stake in the company to about 2.5 million shares after acquiring 1 million shares on market.

Faulkner bought the shares at an average price of A$0.027 each for a total consideration of A$27,000.

Coppermoly and its partner Barrick (PNG Exploration) are making strides in Papua New Guinea with the recent definition of a maiden Inferred Resource for the Nakru-1 copper-gold-silver project, which has taken the copper inventory in the region to 2 billion pounds.

The Nakru-1 deposit contains 514 million pounds of copper, 350,000 ounces of gold and 2 million ounces of silver.

Importantly, there is the potential to increase the tonnage of the resource through further drilling.

Nakru-1 is the most advanced prospect within the Nakru tenement, with an exploration target of 50-60 million tonnes at 0.7-0.9% copper.

The delivery of the initial Resource for Nakru-1 marks the second maiden Inferred Resource delivered for the New Britain Island tenements.

A Conceptual Mining Study is currently being undertaken to evaluate the basic economic potential of the Nakru-1 deposit in its present form. The study is scheduled to be completed this month.

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